2023 is a big year for closures.
Gap, Inc. is also getting rid of several stores for two of its popular brands this year. During a March 9confirmed that the company plans to"close 50 to 55 Gap and Banana Republic stores" in 2023. These new closures build on work Gap has been doing since 2020, when it announced that it wasa total of approximately 350 Gap and Banana Republic stores across North America over the following three years.
"As we adapt to the current market conditions and meet the increase in online demand, we are looking thoughtfully at our real estate to support the best path forward," Gap states on its website, noting that the overall transformation was set"with the goal of having a smaller and healthier fleet of stores."Walmart is already making its way with store closures this year as well. Since Feb.
Four more locations are set to close this month. On April 21, Walmart stores will get shuttered in South Bend, Indiana; Brooklyn Center, Minnesota; Honolulu, Hawaii; and Everett, Washington.
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